Mortgage free with speed.

floorspeed_2

Hello anyone willing to read, I got my my first mortgage for £85k last year around may after buying my first flat which is a lease hold for another 95 years. 3.08% is my fixed rate until late 2027. The term is a 30 year mortgage with 28 years and 8 months to go. 

After making regular payments for a whole year I noticed it pretty much covered only interest and only making a small dent in my capital. It went down to £83k approx so the past week I made some large over payments and it is now at £81,365. My allowance for over payments is about 15k a year without penalty.

my problem is that I require a 2 bedroom flat and need to get my LTV down to around 70% before applying for another mortgage.. I got that figure from family so I don’t know how true that is but I know it helps a lot. My credit rating is 950 out 999 and I am well aware of rates going to 6% and higher.

the other problem is my partner has a bit of debt which she deals with herself, do I prioritise mortgage or credit card debt for my partner who I have a child with. I will have another lump sum of money (2k approx) and will be helping pay some off the 6.5k she owes ( they are all on zero interest cards bar one) 

I have some money in savings for emergency and fudge manage my out goings so I know I am always in credit in my direct debts account. I will hopefully make another mortgage payment after my holiday next week with what ever holiday savings I have left.

My base rate of pay was all I could get my mortgage at the time on but I work nights and earn double that now which is ruffly £661  a week after tax. My outgoings are approximately £1200 not including the 5k I spend on onlyfans site… only joking with that one but hay I would welcome peoples thoughts and opinion on everything else. 

 
Dave

beanielou

Happy shiny new diary 

floorspeed_2

Juggling the numbers

A update on my allowance, I have calculated I can pay £479.77 a week in over payments for the next 32 weeks and not have a penalty unlike some over paid footballers looking for a easy goal. This stress and strain to try to keep this obscene overpayment schedule is some what exciting but also slightly stressful and I am up for the challenge.

£288 a week covers my basic bills and running costs of living not including a weekly shop.  £100 is ruffly a weekly shop at the moment.

Approximately that’s a weekly total of £868 my regular weekly pay is £661 and so it doesn’t add up currently but is achievable with working a extra shift each week on overtime.  That can add approximately £250-300 depending on tax mans cut. Managing expectations is the current issue, I have worked 2 extra shifts a month without too much hassle from my partner but now the bad weather is upon us I can jiggle maybe a extra shift in to help with the overpayments.

The harder and faster I go with overpayments makes it worth it in the long run as each new payment literally saves me double my money from interest alone. I am some what kicking myself for investing money in the first year of my mortgage than paying it off but who knows my investments might do well but I am very skeptical on that one.

I am also aware that there are more investment opportunities and potential for higher returns but the reality for myself is that I am a recovering compulsive gambler and the best bet in my life is the roof over my head and I want to keep that so overpayments are the way.

I will keep readers updated on each pavement I make and the lessons to be learned. I will also write some poetry in my diary at some point, I hope it will be relatable.

Where is my coffee…. Til next post 🙌

floorspeed_2

Just received my weekly pay statement, £288 for essential payments and 558.47 for mortgage over payment saving a total of £786 interest saved for If I were to pay that over the full term of the mortgage. 

Baby steps so far, I know I need to do more over time to keep up with this sort of payment plan. I have checked my partners credit cards with interest and those are the first to go. Which will leave me with approximately 700 extra to either save as emergency money or just poor on the mortgage fire thats engulfing my attention right now as I don’t want to lose my home if interest rates double over the next 4 years.

I am reading other people’s forum posts and I am like…. I want to get out of debt ASAP because I worry like the 1980s interest rates going nuts again and I am holding the debt bag. Of course no one knows what will happen but I know the Bank of England saying sorry isn’t going to keep a roof over my head so the responsibility is all in my hands and I ll do my best to protect my family and working my back side off is what I am good at.

until next week 🙌

MrWannabe

Good luck on your journey to mortgage freedom @floorspeed_2 …sounds like you are making great progress.  👏🏻 

floorspeed_2

Thanks @MrWannabe I just made another payment today of £256 saving another £362 interest over the term. Sadly I won’t be able to continue to make such a large payment next week due to only having holiday pay which is less than my overtime pay.

the numbers aside I had a lovely holiday with my daughter and partner and it was nice to not have to worry about money. As a recovering compulsive gambler I probably in my past would have had to get payday loans to pay for anything so it was a pure pleasure to use my savings to pay for everything which I had built up over 4 months.

Unfortunately the weather was a bit hit or miss but overall we had nice meals out and activities like swimming and board games in the evening. A part of me hoped to have more savings left over from it but the reality is I am just glad we all had a good time regardless of what’s left over, 

will keep people updated next Friday hopefully with another smaller payment. I am also getting the car looked at tomorrow so fingers crossed on that one.

peace mrwannabe

floorspeed_2

Mortgage total: £80,263.68 remaining end of September (slightly sad I didn’t get it under 80k)
total over payments for September: £2,014.51 with a total interest saved of: £2,839

i must say this month was a good shot at over payments but my allowance is still £14400 and I want to maximise that. Over time to over drive on the working side. At least I managed to make a small £100 over payment today with a smaller weekly pay packet.

my interview went ok and I am hopefully for the future, I am regularly trying to support others on the gamcare website in regards to compulsive gambling and I keep that up as a reminder of the debt and destruction I have been through myself.

the car seems fine at the moment, fingers crossed for now and I have been looking into laser eye surgery which I have a appointment next Saturday. I haven’t saved up for that but I would love to get it done as I have waited 10 old years to get it due to my Prescription changing when I was younger.

my investments in crypto currency have fluctuated but I am Starting to write them off even tho they still have potential.  

A win today money wise was the butcher selling premium sausages for a reduced price of a pound a pack. Got some frozen yummy. 

Till next week take care all. 

floorspeed_2

reporting another small over payment of £55 tonight, as it’s the start of a new month I stream lined my savings accounts for the most relevant priority. (£78 worth of interest saved over the term)

baby fund daily savings of £2.50 (plus round ups)
car repairs daily savings  £4 
gift present daily £0.25
road tax £0.46
treats for partner daily £1.55

Personal allocated savings pot daily £0.50
insurance car daily £2.20

I could do a finer break down and save for a lot of different things but saving around £11.50 mark easy to work with while spending normally in my account. If I get a pay rise then my mortgage payments will just increase.. and I ll keep my savings the same.

of course a important note is also having a emergency fund and that is basically all my savings accounts added if I need to use the money in a emergency. I know some might see that as unwise but I do have hard assets I can sell if I lost my job etc etc to cover bills if needs be 

Next post will be Friday 🙌🚂

floorspeed_2

So the sad news is I have only managed to make a payment of £445 which saves me £625 over the mortgage term. 

This weekend is going to be a bit more expensive due to going away for the weekend so I have budgeted my weekly wage a little bit I know I will have to dip into savings to cover myself.

While also working days this week, next week shall be a smaller pay packet but! I have put in a lot more overtime tho which should balance it out I hope 

I have done 60 hour weeks solid for 8 months before so I know I can do it moving forward over the winter period so my partner shouldn't have to much drama with me works Sundays.

I hear next week if I get the job a work so fingers crossed.

Missed my daughter this week due to here waking up when I am gone to work and going to sleep when I get back. Can't wait to get in nights and spend some time with her next week 

Anyways my target for next week's payment will be hopefully above £250.

Will keep you posted 

floorspeed_2

I have risked it for a mortgage free biscuit today and went for a overpayment of £250 ( £352 interest saved over the term of mortgage) prior to knowing my wage packet for this week. I am hoping it’s close to £800 this week which should cover some over spending I have had from last weekend.

I put myself down for over time on Sunday which should make a nice large payment for the following week. I want to keep this up as the normal working week so I can maximise earnings without the burnout. If I was working Friday Saturday and Sunday I think that would be over kill and my partner would leave me 😅

nothing else really to report other than my insurance is due next month and I have saved up for it but that affects my car repairs savings pot so I will need to increase that savings pot over the next few months for when my mot is in February.

anyways will update when I have new news.

have a good weekend all 

floorspeed_2

got my car checked out today, new head lamp and he also checked what was up with the engine and he has told me it’s cylinder 3 which is misfiring some times. If it becomes a problem he has no problem fixing it. The total cost of the check up and replacement bulb was about 20p in petrol to drive him over to another garage.. I was happy with that. So that’s a win win. 

I also got my prepaid meter for electric top up which now sits at £190. With all things in order I decided to make another over payment of £500 today which saves another £700 over the term of the mortgage. 

Next Friday I will most likely not be making a overpayment due to making £750 worth of over payments this week, so I need To catch up with myself in other savings areas before I get myself behind on bills and savings.

total savings at the moment is £1k and I have made £1250 worth of overpayments this month on the Morgan 

key: mortgage = Morgan 

have a good weekend everyone and also a good week x